Thailand Today

On October 13, 2016, Thailand’s most respected leader, King Bhumibol Adulyadej, passed away at 88 due to his deterioratinghealth. King Bhumibol is considered the father of Thailand and hailed as a semi-divine being by Thais. He is a symbol of unity in a country that is often troubled by political turmoil and various coups. 

Upon hearing the news about his death, many of his grief-stricken followers assembled and wept outside the hospital where he died. World leaders such as President Barack Obama and UN Secretary General Ban Ki-moon also expressed their deepest condolencesand heartfelt tribute to the late king.

Following the king’s death, Thai Prime Minister Prayut Chan-ocha announced that Thailand would hold a yearlong mourning period and a month-long period of subdued mood. Along with the mourning are talks about the country’s future. Many people are wondering how the passing of Thailand’s revered king would affect the country and its economy. 

Many factors affect Thailand’s economic downturn this year, and perhaps, the following years to come. Among them are the country’s mourning period, political turmoil, and most importantly, the transition to a new monarch—King Bhumibol’s heir, Crown Prince Maha Vajiralongkorn. The first 30 days of mourning have already affected the forecast for the country’s economic growth this year which is at 3.1 percent.

The political turmoil is also seen as a factor that may throw offinvestors if they see that it can threaten Thailand’s stability. Finally, Prince Maha’s ascension to the throne draws a picture of uncertainty because Thais know little about him and his vision for the country. The yearlong mourning period is nevertheless a good preparation for him.

Among the things that King Bhumibol is known and will be remembered for is his Sufficiency Economy Philosophy (SEP). It promotes the middle path and upholds moderation, reasonableness, and resiliency in all economic endeavors. Many people believe that it is possible for businesses to follow the philosophy and still make profit. In fact, some people say that the SEP had a role in Thailand’s recovery from the 1997 Asian financial crisis. It is then fair to assume that the SEP can help Thailand sustain its economy even under new leadership and amidst political instability. 

If King Bhumibol were still alive, I believe he would want his people to continue living the SEP. He would also want Thais to give his successor a chance to continue upholding his legacy. During uncertain times like this, these are two simple things that every Thai should do.